CorpStrat

JANUARY 17, 2023

Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). 401(k) plans. Health FSA carryover limit.

401(k) 52

401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

HR Lineup

DECEMBER 22, 2021

For this reason, we have recommended the best compensation tools 2022 to help you handle compensation management effectively. . The compensation tools in HRM below have proven beneficial to all types of businesses since most of them help in calculating employee benefits and compensation, making the entire process seamless.

Retirement Plan 98

Retirement Plan Employee Compensation Human Resources Consulting 98

McDermott Will & Emery Employee Benefits

OCTOBER 11, 2023

In December 2022, Congress enacted groundbreaking legislation as part of the SECURE 2.0 Act codifying an opportunity for employers to provide matching contributions within a tax-qualified retirement plan based on their employees’ qualified student loan payments outside the plan.

Retirement Plan 78

Retirement Plan Employment Taxes Employee Benefits 78

Health Consultants Group

OCTOBER 1, 2021

Reconsidering your employee benefits priorities. As your employees settle into their post-pandemic workflow, you’re probably noticing that they don’t want business-as-usual. After a year of unprecedented medical and personal experiences, employees can easily detect holes in their benefits plans.

Employee Benefits 86

Employee Benefits Family and Medical Leave Act Flexible Spending Account Health Savings Account 86

Money Talk

APRIL 6, 2023

At the 2022 Retirement Summit sponsored by the Employee Benefit Research Institute (EBRI), there were four main topics: improving individuals’ access to retirement savings plans, reducing plan leakage (i.e., An example: CalSavers in California. Speakers suggested three types of “nudges” (i.e.,

401(k) 243

401(k) Retirement Plan Finance Government 243

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02 , which addresses SECURE 2.0 implementation issues and extends the plan amendment deadline. Although Notice 2024-02 offers helpful guidance for employers and plan administrators, it does not include hotly anticipated guidance on SECURE 2.0 Merger of Pre-SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Employment 111

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. FSA Employer Contribution Limits for 2022.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55

McDermott Will & Emery Employee Benefits

SEPTEMBER 8, 2022

On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the highly anticipated Responsible Financial Innovation Act (the bill), which sets out to create the first complete regulatory and bipartisan framework for digital assets.

Taxes 85

Taxes Employee Benefits Retirement Plan Commissions 85

HR Digest

AUGUST 28, 2023

With the ability to make both employee and employer contributions, the Solo 401k allows you to save and invest more compared to traditional retirement plans. So, let’s get started and see if a solo 401k is the golden ticket to a secure retirement. The tax treatment for both types of plans is the same.

401(k) 98

401(k) Retirement Plan Taxes Consulting 98

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. 2023 Retirement Plan Limits Increase.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

InterWest Insurance Services

NOVEMBER 25, 2022

You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. In order to have an HSA, an employee must be enrolled in an HDHP.

401(k) 89

401(k) Deductions Deductible Flexible Spending Account 89

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

The Consolidated Appropriations Act of 2023 (“CAA 2023”), signed into law on December 29, introduced sweeping reforms to the employee benefits landscape. Any amounts contributed while a participant is ineligible must be included in the participant’s taxable income and are subject to an additional 10% excise tax.

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

McDermott Will & Emery Employee Benefits

OCTOBER 12, 2022

On September 26, 2022, the Internal Revenue Service (IRS) extended the amendment deadline for non-governmental qualified retirement plans, plans covered under Section 403(b) of the Internal Revenue Code (Code) and individual retirement accounts (IRAs).

Retirement Plan 79

Retirement Plan IT Employee Benefits Executive Compensation 79

Employee Benefits

NOVEMBER 15, 2023

Workplace pensions are one of the most valuable elements of the benefits package. What is surprising is the lack of knowledge that employees have about these. Instead of ‘investment’ use the term ‘funding adequacy’, as most employees don’t need to be picking or thinking about the investment,” she says.

Pension 111

Pension Retirement Plan Education Finance 111

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

As part of our continuing series on SECURE 2.0 , signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). Multiple Employer and Pooled Employer 403(b) Plans SECURE 2.0 Eligibility of Long-Term Part-Timers SECURE 1.0

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

Benefits Notes

AUGUST 29, 2023

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52

WEX Inc.

MAY 8, 2023

Typically, an employee enrolled in a PPO will have higher premiums and a lower deductible than an employee enrolled in an HDHP. For example, the 2022 PPO employee-only deductible averaged $1,322 and the 2022 HDHP annual deductible limit was $1,400 for an individual. It is not legal or tax advice.

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

Benefits Notes

DECEMBER 28, 2022

Congress made several changes to retirement plans as part of the Consolidated Appropriations Act of 2023 , which recently passed both the House and Senate. The final bill contains several provisions affecting retirement plans under Division T of the bill titled “Secure 2.0 Act of 2022.” Increase in Cash-out Limit.

401(k) 52

401(k) Retirement Plan Taxes Salary 52

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

Earlier this year, the IRS released the 2023 inflation adjustments for health savings accounts and high deductible health plans. The 2023 inflation adjustments for tax-qualified retirement plans are expected to be announced soon. Increase from 2022 to 2023. Qualified Transportation Fringe Benefits. .

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

Employee Benefits

DECEMBER 20, 2023

The current economic environment is causing disruption to the retirement plans of many. It is important that those retiring in 2024 understand their options, make informed decisions, and avoid making mistakes with their hard-earned savings. In 2022 Which? [5]

Pension 52

Pension Taxes Retirement Plan Education 52

Benefits Notes

MAY 16, 2022

The IRS requires pre-approved plans to be amended and restated every six years to incorporate recent law changes. The deadline for the current restatement cycle, “Cycle 3,” is July 31, 2022. Failing to timely adopt a Cycle 3 restatement may jeopardize a plan’s favorable tax status.

401(k) 59

401(k) Taxes Employee Benefits Employment 59

Proskauer's Employee Benefits & Executive Compensa

SEPTEMBER 29, 2022

On September 26, 2022, the IRS released IRS Notice 2022-45 , which corrected a potential oversight in IRS Notice 2022-33, discussed in detail here. The notice explains that the purpose of this clarification was to ensure that all amendments required by the SECURE, CARES, and Relief Acts can be adopted in a single amendment.

Taxes 114

Taxes Retirement Plan IT 114

Employee Benefits

DECEMBER 11, 2023

Individuals should speak to their pension provider to find out what investment path they are on, and if it is aligned with their retirement income plan. billion in 2022 [3]. In a 2022 investigation, Which? [4] They will also lose out on the valuable tax benefits available in the pension scheme.

Pension 52

Pension Taxes Banking Retirement Plan 52

Higginbotham

NOVEMBER 2, 2023

In 2022, only 42 percent of the higher earners lived paycheck to paycheck, suggesting that American households are increasingly worse off financially. Financial wellness benefits can help employees tackle their money challenges. Offering retirement benefits also makes financial sense because they often come with tax incentives.

401(k) 52

401(k) Disability Insurance Benefits Package Insurance 52

Benefits Notes

MARCH 31, 2021

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “ARPA”) into law. Many of the provisions in this sweeping legislation bring changes to the employee benefits world of which employers should take note and which are summarized below. Tax Credit. Subsidized COBRA.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Taxes Pension 40

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

On October 21 st , the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). Details of the Determination Letter Program Expansion to 403(b) Plans (Rev. In announcing Rev.

Taxes 109

Taxes Employment Retirement Plan Pension 109

Employee Benefits

FEBRUARY 16, 2022

Given the strong response, this approach will be further built on in 2022. Through a series of educational workshops, our people will be able to discover more about financial security such as retirement planning, changing the money mindset, navigating pension tax and learning how to build family finances.

Pension 52

Pension Pension Benefit Finance Retirement Plan 52

Employee Benefits

SEPTEMBER 27, 2023

The Reward & Employee Benefits Association (REBA) in association with WEALTH at work has launched the second in its series of workplace research – Financial Wellbeing Research 2023*, with responses from almost 200 companies representing over 1.5 million employees.

Pension 52

Pension Finance Education Retirement Plan 52

CorpStrat

NOVEMBER 25, 2022

According to Zywave’s 2022 Attraction and Retention Survey, more than 75% of employers consider attraction and retention to be among their top five business challenges. This change in the labor market means t he old ways of delivering Employee Benefits are no longer enough to increase retention.

PTO 52

PTO Retirement Plan Benefits Package Medical 52

The Teacher's Advocate

APRIL 10, 2020

In addition, there are no mandatory withholdings for defined contribution plans and the withdrawal can be paid back for up to three years with taxes being spread over three years. The key to this strategy is that he distribution can be paid back to any “eligible retirement plan”, not just the account it came from.

401(k) 52

401(k) Retirement Plan Taxes Insurance 52

Proskauer's Employee Benefits & Executive Compensa

JUNE 15, 2023

Act also directed the IRS to update the EPCRS accordingly, no later than 2 years after its enactment on December 29, 2022. 3) The failure is not egregious, does not relate to an abusive tax avoidance transaction, and does not relate to the diversion or misuse of plan assets. The SECURE 2.0 update to the EPCRS. of the SECURE 2.0

401(k) 109

401(k) Taxes Retirement Plan Employment 109

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 2, 2022

Twelve years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and many years after the Securities and Exchange Commission started considering regulations implementing the clawback provisions of Dodd-Frank, the SEC published the Final “Clawback” Rules (the “Final Rules”) on October 26, 2022.

Executive Compensation 52

Executive Compensation Incentive Compensation Retirement Plan Taxes 52

Insperity

MARCH 12, 2024

Launching a successful benefits program in your workplace calls for a savvy employee benefits strategy. Here, we’ll cover everything you need to know about employee benefits. Common employee benefits Here’s a list of the employee benefits that should be on your radar.

Family and Medical Leave Act 57

Family and Medical Leave Act Employee Benefits PTO 401(k) 57

HR Professionals Magazine

JANUARY 31, 2022

Employer-sponsored retirement plans are divided into two major categories: defined-benefit plans and defined- contribution plans. As the names imply, a defined-benefit plan—also commonly known as a pension plan—promises a specified benefit amount at retirement. By Eddie Vaughn.

401(k) 40

401(k) Pension Profit Sharing Plan Pension Benefit 40

HR Professionals Magazine

JULY 26, 2022

Only 56% of workers are enrolled in a 401(k) plan while 72% had access. Source: Transamerica Center for Retirement Studies). One is that not every worker even has access to a retirement plan and secondly is that not everyone who has one is taking advantage of it. This reveals two major problems.

401(k) 52

401(k) Benefits Package Retirement Plan Government 52

Best Money Moves

DECEMBER 13, 2022

The State of American Financial Wellness and Financial Stress, 2022. Here are the top financial wellness and financial stress highlights from 2022. Indeed, midway through 2022, a new survey found that nearly one in three consumers earning $250,000 or more annually is living paycheck-to-paycheck.[ 5 [link] anxiety-every-day/?sh=3ecd0cd97073.

Finance 122

Finance Retirement Plan Healthcare Voluntary Benefits 122

Vantage Circle

NOVEMBER 23, 2023

Employee perks are the enticing extras employers offer their staff, going beyond the regular paycheck to make the workplace more inviting and fulfilling. These incentives span a wide array, from health benefits and retirement plans to flexible work arrangements, financial bonuses, and professional development opportunities.

Family and Medical Leave Act 64

Family and Medical Leave Act 401(k) Retirement Plan roth 401(k) 64